Having trouble making a twisting animation more realistic
This might be a good place to model the band as a curve (with a rectangular curve Bevel object,) and use the shipped Animall add-on, which enables you to key-frame control-points, and their tilt values.
This animation is of a default Curve &gt; Circle, subdivided once. The three vertices at each end are rotated in opposite directions, while the entire circle rotates through 90 to present the figure-of-eight to the camera. Animall permits the keying of tilts, rotations, locations of the control-points to keep everything more or less in shape.


(v2.91 .blend file)